Total SA (TOT, FP.FR) said Wednesday that a much-looked-at indicator gauging the health of the refining industry in Europe decreased further in the final quarter of last year.
Total SA (TOT, FP.FR) said Wednesday that a much-looked-at indicator
gauging the health of the refining industry in
Europe
decreased further in the final quarter of last year.
Total's European refining margin dropped to $10.1 a metric ton, compared with
$10.6 a ton in the third quarter 2013 and with a margin of $33.9 a ton in the
final quarter of 2012.
The drop underscores the difficulties facing
Europe
's
refining industry, with the lingering economic denting gasoline and oil
products consumption.
This led Total to cut its refining capacity in
Europe
over
the past couple of years. The company's Chief Executive Christophe de Margerie
has said the company is likely to close more plants in the short term.
The amount of oil processed by European refiners in September fell to its
lowest level since April 1991, according to a report published by the
International Energy Agency this month.
The European refining margin represents the margin after variable costs for a
hypothetical complex refinery located around
Rotterdam
in
northern
Europe
, processing a mix of crude oil and other inputs
commonly.
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